In case you missed Mark Aloia's panel at the New York Multifamily Summit, here is the recording -
https://greenpearl.com/multifamily/new-york/videos/value-add/
GREENPEARL.COM
Value Add Strategies | GreenPearl Events
“At this point, if they can get good value for it, I’m sure they would sell it,” said Jack Rose, a bankruptcy lawyer at Rosenberg & Estis. “If they can get the value is the challenge in this climate.”
CRAINSNEWYORK.COM
Century 21 to shutter all stores by mid-November
Mark Aloia was invited to moderate the “Updated Value-Add Strategies to Rethink the Buy-Rehab-Sell Game” panel at this year’s New York Multifamily Summit. The panel addressed how buyers are finding and funding new deals in and around the Tri-State area today, how covid-19 has changed the rehab business plan, how government incentives can be used to reduce costs and improve NOI, and more. Many thanks to his panelists Rick Gropper, Tristan Last, Martin Nussbaum and James H. Simmons III
As commercial rent defaults significantly increase due to the COVID-19 pandemic, practitioners reviewing the default provisions in their clients’ commercial leases must ask themselves a crucial question: Does the provision set out a conditional limitation or a condition subsequent? The answer to this arcane question—which can trip up even experienced attorneys—will determine the forum in which an owner can recover possession.
https://www.law.com/newyorklawjournal/2020/10/06/conditional-limitation-v-condition-subsequent-an-important-distinction/?LikelyCookieIssue=true
LAW.COM
Conditional Limitation v. Condition Subsequent: An Important Distinction in the COVID-19 Age | New York Law Journal
Congrats Adam Lindenbaum, Alexander Lycoyannis and Jeffrey Turkel!
Gothamist: Howard Kingsley, a real estate lawyer at Rosenberg & Estis, said that he doesn’t know “whether or not the marshals are going to be absolutely bombarded" and whether "there is going to be a tremendous delay in trying to get somebody out” on September 21st.
GOTHAMIST.COM
[UPDATE] NYC Commercial Eviction Moratorium Extended Until October 20th
There isn’t a single real estate matter that we aren’t prepared to handle, and when an unprecedented circumstance arises, we are the first firm to come back with a solution.
Great Q&A with responses written by Luise A. Barrack, Deborah Riegel and Jason Davidson. Congrats again to R&E Litigation on this award!
https://www.law.com/newyorklawjournal/2020/10/22/litigation-department-of-the-year-real-estate-rosenberg-estis-2/
LAW.COM
Litigation Department of the Year, Real Estate: Rosenberg & Estis | New York Law Journal
“The longer this goes on without some legislative body thinking of a solution, the worse you’re making the problem for these tenants,” Riegel said. “It’s one thing for somebody to pay back four months of rent over some period of time. The longer you stretch this out, the more rent that there is to be paid back.”
https://commercialobserver.com/2020/10/new-york-city-second-wave-coronavirus-real-estate/
COMMERCIALOBSERVER.COM
Second Wave: What Real Estate Can Expect if NYC Goes Through Another Lockdown
“What they were doing smacks of fraud,” said attorney Bradley Silverbush, of Rosenberg & Estis, who represented the co-op board.
https://rew-online.com/icon-garage-pulls-covid-con-on-landlord/
REW-ONLINE.COM
Icon garage pulls COVID con on landlord | Real Estate Weekly
Thank you Alexander Lycoyannis for this Breaking Update: As you may know, a number of cases are currently pending in federal court concerning the constitutionality of the Housing Stability and Tenant Protection Act of 2019 (HSTPA). Two of those cases -- CHIP/RSA et al v City of New York et al. and 74 Pinehurst LLC et al v. State of New York et al. -- were filed in the US District Court for the Eastern District of New York and assigned to Judge Eric Komitee, who was recently appointed to the federal bench. Our firm is involved in 74 Pinehurst, and you should know that we as a firm are doing all we can to overturn the draconian HSTPA, whether in whole or in part, and to ameliorate its profoundly negative impact on the New York real estate industry.
https://myemail.constantcontact.com/Breaking-Update-from-Rosenberg---Estis--P-C-.html?soid=1115545943578&aid=qvg0swNnr8o
MYEMAIL.CONSTANTCONTACT.COM
Breaking Update from Rosenberg & Estis, P.C.
Rosenberg & Estis, P.C. ranked #35 for Property Sales and #28 for Debt Deals in The Real Deal's 2020 rankings. Michael E. Lefkowitz was highlighted in the feature story:
Michael Lefkowitz, managing member of the New York real estate law firm Rosenberg & Estis, for one, said his company recently brought on a small group of three bankruptcy attorneys to start growing the firm’s work in that space. The move predates the pandemic, he noted, but is one that should prove useful as more companies go under.
Another large area of work for the firm — its landlord and tenant practice — took a hit as courts closed this year amid eviction bans. Lefkowitz said it will be challenging to resume that work when courts get back to business. Housing courts are allowing some cases to proceed, but the vast majority of eviction cases won’t be heard until January at the earliest.
“I think the bottleneck will be cause for both the landlord and tenant side to negotiate settlements rather than waiting on the courts to decide the case,” he said.
https://therealdeal.com/issues_articles/law-in-order/
THEREALDEAL.COM
New York Real Estate’s Leading Law Firms in Pandemic-Plagued Times
Congratulations once again to R&E's Litigation Team - for the second time since 2018, they earned New York Law Journal's Litigation Department of the Year: Real Estate Award! R&E was honored tonight at the virtual New York Legal Awards. Here is the acceptance speech delivered by Luise A. Barrack, leader of our Litigation Group.
YOUTUBE.COM
NYLJ Acceptance Speech 2020
Benjamin M. Williams quoted in BISNOW: “People got offers this year from the Tax Commission, and it was like COVID never happened,” he said. “But I’m not surprised because the Tax Commission never indicated they would give reductions because of COVID. There is a disconnect between expectations and legal reality.”
https://www.bisnow.com/new-york/news/economic-development/property-tax-commission-appeals-battle-106705
BISNOW.COM
'This Will Be A Battle’: Landlords Prepare For Property Tax Fights As Values Slide
Such a great shot from our virtual members meet-and-greet!
Thank you Daniel M. Bernstein for this update: In addition to its terrible human cost, the COVID-19 pandemic and state of emergency in NY have profoundly affected real estate and forced reconsideration of the highest and best use of properties and development sites. Owners, lenders, purchasers and other NY real estate stakeholders may want to consider some of the following potential opportunities which we’ve seen evolving over the past year.
https://myemail.constantcontact.com/NYC-Real-Estate-Update---Affordable-Housing---Other-Opportunities-in-Current-Market.html?soid=1115545943578&aid=meXzhpjs6mk
MYEMAIL.CONSTANTCONTACT.COM
NYC Real Estate Update: Affordable Housing & Other Opportunities in Current Market
Latest New York Law Journal piece by Warren A. Estis and Jeffrey Turkel: Years ago, bringing, or defending, a Fair Market Rent Appeal was a routine part of any rent regulatory practice. Because there are so few rent-controlled apartments left, FMRAs have become somewhat of a rarity.
LAW.COM
Fair Market Rent Appeals | New York Law Journal
In case you missed John D. Giampolo's panel last week - here is the link to the watch the full Commercial Observer webinar
https://commercialobserver.com/videos/commercial-observer-video/?jwsource=cl
COMMERCIALOBSERVER.COM
Commercial Real Estate Video | Commercial Observer
The latest from Warren A. Estis and Alexander Lycoyannis in the New York Law Journal -
https://www.law.com/newyorklawjournal/2021/02/02/covid-19-defenses-caselaw-update/
LAW.COM
COVID-19 Defenses: Caselaw Update | New York Law Journal
Today John D. Giampolo moderated the second panel at Commercial Observer's virtual event. The program addressed distressed debt sales and opportunities for market players to capitalize on distressed real estate assets at bargain prices as New York returns to normalcy with restrictions lifted and vaccines accessible. Thank you Anar Chudgar, Aviva Fink, Will Hutton, Rowan Sbaiti and Vicky Schiff for participating in the lively discussion!
Major acquisition handled by R&E featured in The Real Deal - read more using this link https://therealdeal.com/2021/01/21/jr-music-founders-sell-park-row-apartment-tower-for-140m/
Don't miss your chance to register for next week's Commercial Observer webinar - R&E member John Giampolo is moderating. Register using the link: https://commercialobserver.zoom.us/webinar/register/8515879982199/WN_Xc1dspbISZ6D1Kyutoq64A
Thank you Daniel M. Bernstein for this update: In light of NYC’s amendment of its rules for the 421-a (“Affordable New York Housing Program”) property tax exemption program, effective February 6, 2021 (the “Amendments”) developers, lenders and purchasers will want to be aware of some major features of the Amendments and other practice pointers... https://myemail.constantcontact.com/CORRECTION-RE--Recent-Amendments-to-the-421-a-Program---Affordable-New-York-Housing-Program--.html?soid=1115545943578&aid=INW0_VO9tv4
MYEMAIL.CONSTANTCONTACT.COM
CORRECTION RE: Recent Amendments to the 421-a Program (“Affordable New York Housing Program”)
